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emc011075
emc011075, Tax adviser
Category: Tax
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Experience:  IRS licensed Enrolled Agent and tax instructor
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I need help with that question.
, what does Life-time

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Customer: what does Life-time credit does
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Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
All of the following statements are true regarding the Lifetime Learning credit except:
A) In order to qualify for the Lifetime Learning credit, a student must be enrolled 1/2 time.
B) Qualifying expenses include those for tuition and related fees but not for room and board.
C) The Lifetime Learning credit may be claimed for any degree or nondegree course at a college or university that helps an individual acquire or improve their job skills.
D) The Lifetime Learning credit and the American Opportunity Tax credit may not be taken in the same tax year with respect to the same student's tuition and related fees.
Customer: replied 1 year ago.
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Expert:  emc011075 replied 1 year ago.

The answer is A. To qualify for the credit student doesn't have to be enrolled 1/2 time or full time. It can be taken for one or two courses.

B is correct. It can be used for Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment), but no room and board.

C is correct. The credit is available for all years of postsecondary education and for courses to acquire or improve job skills

D is correct. You cannot claim the credit if you claim AOC or Tuition and fees deduction for the same student in the same year.

Expert:  emc011075 replied 1 year ago.

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